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Ch. 13.1, 14.1
Economic
Measurements
Main Concepts:
Details: GDP, Business Cycle, Unemployment, Inflation
Essential Question: How and why is economic activity measured?
GDP
OutputExpenditure
Model formula
GDP =
C+I+G+F
C:
I:
G:
F:
Unemployment
Rate
Types of
Unemployment
Frictional:
Structural:
Cyclical:
Inflation
causes
Demand Pull
Cost Push
Wage-Price
Spiral
Real vs. nominal
Dollars
Effects of
inflation
COLA
CPI
Business Cycle
Phases of the
Business Cycle
Expansion
Peak
Contraction
Trough
Aggregate
Supply
Aggregate
Demand
Recession
Depression
Summary: Economic Growth, inflation, and unemployment are key components in measuring economic
activity.
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